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Skype

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Financial Model

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QUARTERSYEARS

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Dec-05A*Mar-06AJun-06ASep-06ADec-06AMar-07AJun-07Sep-07EDec-07E2004A2005A2006A2007E2008E2009E

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Revenue (000s)$24,809$35,500$44,000$50,000$66,000$79,000$90,000 [1]$100,800$113,400$6,225$67,362$195,500$383,200$670,600$1,005,900

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Seq. Change43%24%14%32%20%14%12%13%

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Y/Y Change166%123%105%102%72%982%190%96%75%50%

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Absolute Change$10,691$8,500$6,000$16,000$13,000$11,000$10,800$12,600$61,137$128,138$187,700$287,400$335,300

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Registered Users (000s)74,70094,600113,000136,000171,000195,500220,000 [2]240,000270,000NA74,700171,000270,000405,000526,500

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Seq. Change27%19%20%26%14%13%9%13%

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Y/Y Change129%107%95%76%58%129%58%50%30%

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Absolute Change19,90018,40023,00035,00024,50024,50020,00030,00096,30099,000135,000121,500

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Monthly Revenue / User$0.22$0.13$0.13$0.12$0.13$0.13$0.14 [3]$0.14$0.14$0.13$0.14$0.17$0.18

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Seq. Change-44%4%-6%5%5%1%3%0%

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Y/Y Change-42%8%5%14%9%9%14%9%

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Skype-to-Skype Minutes (bil)5.216.947.126.557.607.707.10 [4]6.757.6928.2129.2333.6239.67

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Seq. Change33%3%-8%16%1%-8%-5%14%

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Y/Y Change46%11%0%3%1%4%15%18%

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SkypeOut Minutes (bil)0.520.650.851.121.501.501.30 [5]1.431.574.125.8010.1616.76

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Seq. Change25%31%32%34%0%-13%10%10%

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Y/Y Change188%131%53%28%5%41%75%65%

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*Dec-05 quarter performance from October 14-December 31.

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Source: eBay, Inc., Internet Outsider

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www.internetoutsider.com
[1] expected 92,500 --jjones1 Thursday, July 19, 2007 8:16:14 AM
[2] expected 220,000 --jjones1 Thursday, July 19, 2007 8:13:54 AM
[3] expected 0.14 --jjones1 Thursday, July 19, 2007 8:17:00 AM
[4] expected 7.85 --jjones1 Thursday, July 19, 2007 8:14:46 AM
[5] expected 1.5 --jjones1 Thursday, July 19, 2007 8:15:38 AM